ConocoPhillips Beats Expectations With Record Production Levels

Shares of ConocoPhillips (COP) showed a positive trend in premarket trading on Thursday, rising by 0.4%. The oil exploration and production company reported better-than-expected profits and revenues for the fourth quarter. Furthermore, they achieved record levels of production in 2023.

In terms of net income, ConocoPhillips saw a decline to $3.01 billion, or $2.52 per share, from $3.25 billion, or $2.61 per share, in the previous year. However, after excluding nonrecurring items, adjusted earnings per share reached $2.40, surpassing the FactSet consensus of $2.09.

While revenue decreased by 20.5% to $15.31 billion, it still managed to surpass the FactSet consensus of $15.15 billion. On the production front, there was an 8% increase to 1,902 thousand barrels of oil equivalent per day (MBOED) for the full year.

Looking ahead, ConocoPhillips expects production ranging from 1.91 million barrels of oil equivalent per day to 1.95 MMBOED in 2024. Additionally, they plan to allocate between $11.0 billion and $11.5 billion on capital expenditures in the same year.

Over the past three months leading up to Wednesday, ConocoPhillips' stock experienced a slight decrease of 1.9%. In contrast, the S&P 500 index showed a notable rally of 14%.